Question
Riya invests Rs. ‘X’ for 5 years in scheme-A
offering simple interest at 12% p.a., while Karan invests the same amount for 3 years in scheme-B offering compound interest at 10% p.a. If the difference between their interests is Rs. 2690, find the value of 2X.Solution
ATQ, X × 12% × 5 – X(1 + 10/100)³ + X = 2690 0.60X – 0.331X = 2690 0.269X = 2690 X = 10,000 Required value = 2 × 10000 = Rs.20,000
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